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January 2015 » A New Era for Private Company Accounting...
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Cary D. Lange, PhD, CPA, and James M. Fornaro, DPS, CPA, CMA, CFE, and Rita J. Buttermilch, CPA, CGMA
IN BRIEFRecent changes to the accounting for goodwill sought to simplify the process, but even this approach was considered by many to be cumbersome and unnecessary for private companies. One of the first priorities of the newly established Private Company Council was to simplify the existing standards. The resulting guidance streamlines goodwill impairment testing and allows private companies to elect to amortize goodwill over a period of 10 years. This article reviews these accounting alternatives and considers the practical implications of adoption.
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